PM Khan launches ‘Raast’, Pakistan’s first instant digital payment system
SBP aims to reduce the volume of cash-based transactions, as several social issues arise due to the prevalent system.
The State Bank of Pakistan has decided to introduce a world-class payment system called ‘Rast,’ which will be a big step in digitizing Pakistan’s financial mechanism.
While talking to a private media outlet, The Deputy Governor SBP, Sima Kamil, announced the development. She said, “the central bank from today(11th of January) will initiate a new payment system called ‘Rast,’ as we believe this a right way forward for the country.”
The Deputy Governor added that despite the availability of 160 million mobile phones, our digital economic participation is minimal, as many people rely on cash for payments.
She said that under the new system, the SBP aims to reduce the volume of cash-based transactions, as several social issues arise due to the prevalent system.
Speaking about the scope of the ‘Rast’ payment system, Kamil informed that the upcoming payment system would digitize the BISP and the Ehsaas payments by June in the next phase.
“Nearly sixteen million women would be facilitated with this system,” she said.
Kamil notified that the upcoming payment system has been previously implemented in advanced countries, including the UK and Australia.
The Deputy Governor informed that ‘Person to Person’ payments will start after June, and a common man could make payments through QR codes by December.
What are your views on this? Share in the comments bar below.